Neptune signs L.O.I with C&C Technologies

Neptune Minerals Plc (NPM.L), the AIM listed explorer and developer of Seafloor Massive Sulphide (“SMS”) deposits, has signed a letter of Intent (L.O.I.) with C&C Technologies, through its Asia-Pacific operation based in Singapore. C&C Technologies is one of the world’s leading marine survey companies, for the provision of autonomous underwater vehicle (AUV) survey, sampling and vessel charter services.

The L.O.I. commits both parties to contract negotiations and project preparations towards Project Trident – a long-term exploration program focused on Neptune’s exploration tenements in New Zealand’s Exclusive Economic Zone (EEZ).  Subject to vessel and equipment availabilities, AUV survey and sampling operations are planned to commence in mid-2008 with continuous operations for a minimum 12-month period, with options to extend to 24 months and beyond.

Neptune’s Chief Executive Officer Dr Simon McDonald said:

“We are very pleased to sign this L.O.I. and progress Project Trident, the undertaking of which will allow the Company to significantly ramp up its exploration activities in New Zealand.  A dedicated survey vessel will allow Neptune to define the SMS zones identified during Kermadec 07 and systematically locate and define SMS deposits which will then have Mining Licence Applications placed over them.”

C&C Technologies Asia-Pacific Survey Division Manager, Mr Gad Habiby, expressed C&C's pleasure at being selected for the program. He said "C&C looks forward to working closely with Neptune on the Trident exploration project and, while carrying out the AUV survey and sampling program, to introducing appropriate new technology to maximise the value of the data set gathered."

In support of Project Trident and to create a strong foundation for future operations in New Zealand, Neptune has added to its management team with the employment of two senior staff, Mr Peter Wong (Contracts & Procurement Manager) and Mr Campbell McKenzie (New Zealand Country Manager).

Mr Wong has 20 years’ experience in the fields of supply and contract management, procurement, outsourcing and engineering construction cost management. In the last 15 years, he has worked in the oil and gas industry in the United Arab Emirates, Yemen, Egypt, Brunei, PNG and Russia. He has successfully executed and managed the contracting, procurement and supply chain management for both onshore and offshore drilling and construction projects for Oil and Gas companies.

Mr McKenzie has 12 years’ experience in the minerals industry in the private and public sectors. He was most recently at the Crown Minerals Group of the Ministry of Economic Development of New Zealand. In this role he assessed technically and made recommendations to the Minister of Energy on all applications for prospecting and mining licences. Campbell previously worked as an exploration geologist with several Australian-based companies.

For further information please contact:

Simon McDonald (Neptune MD and CEO):                                   T: +61 (0) 2 9957 5244

By email to the Company                                                                  This e-mail address is being protected from spam bots, you need JavaScript enabled to view it  

Richard Hail (Fox Davies Capital Limited, Broker):                     T: +44 (0) 20 7936 5200 

Fiona Owen (Grant Thornton Corporate Finance, Nomad):      T: +44 (0) 20 7383 5100 

Rozanne Ichikowitz (Grant Thornton Sydney):                              T: +61 (0) 2 8297 2522 

Nadja Vetter / Matthew Law (Cardew Group, PR):                       T: +44 (0) 20 7930 0777

                                                                                                               T: +44 (0) 7941 340 436 

Gad Habiby (C&C Technologies Asia-Pacific):                            T: +65 6295 9738 

By email to C&C Technologies Asia-Pacific                                  This e-mail address is being protected from spam bots, you need JavaScript enabled to view it   

About C&C Technologies

C&C Technologies is the commercial leader in the use of AUVs for marine survey operations. Last year, the company documented its 100,000th km surveyed by AUVs, a milestone crossed while the C-Surveyor III was working for Shell in the Gulf of Mexico.

C & C Technologies' AUV services division began operations in January 2001.  To date, its AUVs have serviced 56 clients, on 207 projects, in the offshore waters of 12 different countries.  C&C is committed to the highest standards of safety and quality, while continuously adding value for its clients, through the integration and development of new technology in the fields of Global GPS Positioning, AUV Services, Geophysical Surveys and Marine Construction Survey Support.

Further information and regional contact details can be found at:    www.cctechnol.com